Private Sector Development Association PSDA says the sharp increase in oil prices on the international market might negatively affect Zambia’s economic recovery.
Association chairperson Yosuf Dodia said there is need to encourage factories and industries that use fuel or oil to use more of electricity, since Zambia produces electricity.
Mr. Dodia told one love radio news that production of goods and services in Zambia would also be affected especially if things get more expensive as compared to commodities from abroad, further stating that people will be opting to buy things from other countries where things are cheaper.
“If fuel prices go up in Zambia , it fights with the progress in economic development,” he said.
Meanwhile, according to trading economics monitored by one love radio news showed, there is a sharp increase in oil prices on the international market, from 90 dollars per barrel to more than a 100 in just a few days.